TOKYO (dpa-AFX) - The Taiwanese electronics assemble Hon Hai Precision Industry, also known as Foxconn Technology Group, said that China approved its $3.5 billion acquisition of embattled Japanese conglomerate Sharp corp. (SHCAY.PK).
Foxconn originally planned to inject funds into Sharp by the end of June, but the deal was stalled after China's Ministry of Commerce took longer than expected to finish its antitrust assessment. The agency did eventually approve the takeover within a three-month review deadline.
As per deal, Foxconn and its affiliates will take a 66% stake in the Japanese company for 388.8 billion yen or $3.5 billion, with 200 billion yen allocated for the development of advanced OLED panel technologies that Apple may adopt in iPhones starting next year.
Copyright RTT News/dpa-AFX